MICROCAPITAL BRIEF: UN’s International Fund for Agricultural Development Grants $925,000 to Agricultural Bank of Sudan Microfinance Initiative Focusing on Women

The International Fund for Agricultural Development (IFAD), a United Nations agency, has provided a grant of USD 925,000 to the Republic of Sudan to be invested in the Agricultural Bank of Sudan Microfinance Initiative (ABSUMI), a creation of the government-owned Agricultural Bank of Sudan. From its launch in 2010 through September 2012, ABSUMI has provided credit, savings, microinsurance and Islamic-compliant banking services to 60,000 people, mainly women, working in agriculture, livestock and microenterprise. With IFAD’s grant, ABSUMI seeks to reach an additional 150,000 people by establishing six new offices in five Sudanese states. Over the next ten years, ABSUMI hopes to provide microfinance services to 1 million women.

IFAD disbursed new commitments of USD 1 billion during 2011, bringing its portfolio of ongoing projects to USD 10.3 billion. IFAD operates in 97 countries as of 2013.

By Lena Phillips, Research Associate

About The International Fund for Agricultural Development (IFAD)

The International Fund for Agricultural Development (IFAD), an agency of the United Nations, was established in 1977 as an outcome of the 1974 World Food Conference. IFAD is dedicated to eradicating rural poverty in developing countries by focusing on country-specific solutions. IFAD disbursed new commitments of USD 1 billion during 2011, bringing its portfolio of ongoing projects to USD 10.3 billion. IFAD operates in 97 countries as of 2013.

About The Agricultural Bank of Sudan (ABS)

The Agricultural Bank of Sudan is a government-owned bank headquartered in Khartoum. It began operations in 1959 and finances Sudan’s agricultural industry. In 2010, it established the Agricultural Bank of Sudan Microfinance Initiative (ABSUMI) to provide microfinance services to poor, rural residents. Between 2010 and 2012, ABSUMI underwent a pilot stage in the Sudanese states of North and South Kordofan. According to the International Fund for Agricultural Development (IFAD), a UN agency, the program reached 60,000 people in 10,000 homes across 97 villages as of September 2012.

Sources and Additional Resources:

International Fund for Agricultural Development (IFAD) Press Release: “Rural microfinance services for one million poor women across the Sudan,” http://www.ifad.org/media/press/2013/12.htm

MicroCapital.org Article, 23 February 2012: “MICROFINANCE PAPER WRAP-UP: ‘Microinsurance Product Development for Microinsurance Providers;’ by Michael J. McCord; Published by Microfinance Centre, Microinsurance Centre, International Fund for Agricultural Development,” https://www.microcapital.org/microfinance-paper-wrap-up-microinsurance-product-development-for-microinsurance-providers-by-michael-j-mccord-published-by-microfinance-centre-microinsurance-centre-internatio/#more-22798

MicroCapital.org Article, 31 May 2012: “MICROCAPITAL BRIEF: $700m in Grants, Loans from UN’s International Fund for Agricultural Development (IFAD) Support Rural Financial Services, Agency to Focus on Sub-Saharan Africa,” https://www.microcapital.org/microcapital-brief-usd-700m-in-grants-loans-from-uns-international-fund-for-agricultural-development-ifad-support-rural-financial-services-agency-to-focus-on-sub-saharan-africa/

MicroCapital.org Article, 18 April 2012: “MICROCAPITAL BRIEF: Islamic Development Bank, UN’s AGFUND, Sudanese Government Fund Provide Capital of $5m to Microfinance Institution Al-Edba’s,” https://www.microcapital.org/microcapital-brief-islamic-development-bank-uns-agfund-sudanese-government-fund-provide-capital-of-5m-to-microfinance-institution-al-ebdaa/#more-18362

MicroCapital.org Article, 17 January, 2012: “MICROCAPITAL BRIEF: United Nations (UN) International Fund for Agricultural Development (IFAD) Provides $100m to Ethiopia for Rural Microfinance, Bridges to Traditional Banks,” https://www.microcapital.org/microcapital-brief-united-nations-un-international-fund-for-agricultural-development-ifad-provides-100m-to-ethiopia-for-rural-microfinance-bridges-to-traditional-banks/

MicroCapital Universe Profile: Agricultural Bank of Sudan (ABS), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Agricultural+Bank+of+Sudan+%28ABS%29

MicroCapital Universe Profile: International Fund for Agricultural Development (IFAD), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Fund+for+Agricultural+Development+%28IFAD%29

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